Philippines Trade

Philippines: Exports rebound in March

May 12, 2015

In March, exports rose 2.1% over the same month last year, contrasting February’s 3.1% decline. March’s increase resulted from a turnaround in manufactures. Manufactures expanded 2.8% in annual terms, contrasting February’s 1.8% decrease. Exports of electronic products—classified as a sub-category of manufactures—moderated slightly from February’s 4.8% expansion to a weaker 4.5% increase in March, dipping to the lowest level in eight months. According to the Philippine Statistics Authority, electronic products account for the largest share of the total exports revenue. Exports of agro-based products recorded a sizable 20.1% contraction in March, matching February’s print.

In February (the latest month for which data are available), imports rose 11.2% in annual terms, contrasting January’s 14.2% contraction. Meanwhile, the trade balance deteriorated and tallied a USD 813 million deficit in February (February 2014: USD 131 million deficit).

FocusEconomics Consensus Forecast panelists see exports rising 1.8% in 2015 and then accelerating to a 8.3% expansion in 2016. Panelists expect a trade deficit of USD 5.6 billion in 2015 and see it narrowing to USD 5.5 billion in 2016.

Philippine exports contracted in November, after 12 months of expansions, mainly on the back of plummeting demand from Japan and a notable decrease in overseas orders to the United States and China, which more than offset stronger demand from Hong Kong and Singapore.